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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • #8,921
  • Aug 18, 2011 9:19am Aug 18, 2011 9:19am
Quoting ruffryders
imo gold is just building a stronger PA base to take out recent high @ 1815. We are slowly creeping into one of the stronger periods for gold, starting with August 22 and lasting well into October.

Hey man... I like your posts. How can you predict that it'll top in mid ocotber tho?
  • #8,922
  • Aug 18, 2011 10:26am Aug 18, 2011 10:26am
Nothing bettter than a fresh new high!

Been away from desk, how's everyone doing in here today?

BIG corrections on majors :thumbs down.

Just bought cable off TL at 646o
seems to be respected since the 10th. so we'll see.

Now no silver break but she looks strong and stead - a close above 41.00 USD per troy oz would be great.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,923
  • Aug 18, 2011 10:51am Aug 18, 2011 10:51am
D hit on GC20

http://www.screencast.com/t/sAWMyADeXk

beeb
  • #8,924
  • Aug 18, 2011 11:08am Aug 18, 2011 11:08am
Quoting XTrade
Nothing bettter than a fresh new high!

Been away from desk, how's everyone doing in here today?

BIG corrections on majors :thumbs down.

Just bought cable off TL at 646o
seems to be respected since the 10th. so we'll see.

Now no silver break but she looks strong and stead - a close above 41.00 USD per troy oz would be great.
I was wondering where did you put your TP for the Cable, because on my chart the price is about 50 pips under a major Trendline (Weekly chart trend started on 15 of may 2010)? I believe that the last swing low could be a primary trend breakout and now the price is retesting the trendline... What do you think?
With Respect,
Doctortyby
Attached Image (click to enlarge)
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  • #8,925
  • Aug 18, 2011 11:10am Aug 18, 2011 11:10am
Out of cable 15 pips. Only scalping currencies for me today.

Beeb the magazine "Futures" it's a US publication, you may like it, TONS of forks, I suppose they could be channels but, they look like forks.

Does your charting pack "pull" channels like it does forks? One of my brokers does and the other does not.

If a channel is pulled like a fork, how is there a difference, doesn't make sense to me.....

I'll try to post an example.

Quoting beeb
D hit on GC20

http://www.screencast.com/t/sAWMyADeXk

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,926
  • Aug 18, 2011 11:18am Aug 18, 2011 11:18am
What do you think about the Bearish Butterfly on Silver 4H chart?

Doctortyby
Attached Image (click to enlarge)
Click to Enlarge Name: silver H4 bearish butterfly.jpg Size: 332 KB
  • #8,927
  • Aug 18, 2011 11:31am Aug 18, 2011 11:31am
Quoting XTrade
Out of cable 15 pips. Only scalping currencies for me today.

Beeb the magazine "Futures" it's a US publication, you may like it, TONS of forks, I suppose they could be channels but, they look like forks.

Does your charting pack "pull" channels like it does forks? One of my brokers does and the other does not.

If a channel is pulled like a fork, how is there a difference, doesn't make sense to me.....

I'll try to post an example.
XTrade - I try not to clutter myself with too many influences. Don't know "futures" mag. Pls post example and i'll have a look at "pulling" - don't quite know what you mean.

Sorry to be brief am having connection probs

beeb
  • #8,928
  • Aug 18, 2011 11:37am Aug 18, 2011 11:37am
Quoting doctortyby
What do you think about the Bearish Butterfly on Silver 4H chart?

Doctortyby

Personally I put no store in such patterns - but others do, therefore there may be some effect.

Silver is in a modest uptrend - see previously posted charts - and has done surprisingly well today despite what has happened in the equity markets - no longer an industrial metal?

I wouldn't be surprised to see a retracement given the time of month we are approaching, and I do see poss 20min and 240min resistance ahead. But it looks generally bullish and I'll look to buy any significant dips...

Hope that helps

beeb
  • #8,929
  • Edited 12:26pm Aug 18, 2011 11:42am | Edited 12:26pm
Quoting beeb
Personally I put no store in such patterns - but others do, therefore there may be some effect.

Silver is in a modest uptrend and has done surprisingly well today despite what has happened in the equity markets - no longer an industrial metal?

I wouldn't be surprised to see a retracement given the time of month we are approaching, and I do see poss 20min and 240min resistance ahead. But it looks generally bullish and I'll look to buy any significant dips...

Hope that helps

beeb
Thank you Beeb
  • #8,930
  • Edited 12:25pm Aug 18, 2011 12:24pm | Edited 12:25pm
doc, you may need an eye exam.

It's beeb,

not beep. Just a friendly correction. Seems you are seeing the last b upside down and backwards!

X
Quoting doctortyby
Thank you Beep
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,931
  • Aug 18, 2011 12:24pm Aug 18, 2011 12:24pm
Do any of you close youre longs on gold when its making a loss? or do you all only wait until you get hit on your take profits?
  • #8,932
  • Aug 18, 2011 12:27pm Aug 18, 2011 12:27pm
Quoting XTrade
doc, you may need an eye exam.

It's beeb,

not beep. Just a friendly correction. Seems you are seeing the last b upside down and backwards!

X
thanks for the correction
  • #8,933
  • Aug 18, 2011 3:10pm Aug 18, 2011 3:10pm
np - No Problem.

Quoting doctortyby
thanks for the correction
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,934
  • Aug 18, 2011 3:30pm Aug 18, 2011 3:30pm
Looks like we're going for an impressive close above the old high....
Interesting PD in the red....

Let me add CU - AH, why not add em' all - base metals took a tumble today looks like....
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Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8,935
  • Aug 18, 2011 3:54pm Aug 18, 2011 3:54pm
hi, I'm new here and in for trading.
I use NetDania FinanceChart for technical analysis, because it's a free Java application and works on GNU/Linux.
I use SaxoTrader for trading, which I like because it allows me 200:1 margin so I can buy a ton more silver/gold than I can afford.
I've been into trading exactly since 14 April, when I lost $55k of my mother's life savings (~60%) in the silver plunge. I had absolutely no experience then (none whatsoever), didn't know about TA, clueless. (mostly, I still am, but I lurk and learn.)
I don't believe I can reach back the initial investment I started with by simply trading/holding GLD&etc, so I'm looking into leveraged spot XAU instead. I know it is a risky business, very risky indeed, but I only need a couple of winning days (i.e. like today) to get back on the horse.
looking forward to share ideas here.
-----------------------------------------

I noticed today on finviz 5 minute charts, markets crashed noticably before the gold rise. does this work every time when it happens during US stock exchange closed/pre-open hours?
Attached Image (click to enlarge)
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any clues (technical/news) as to what tomorrow may bring? would we see market correcting on a Friday, or can the past hour be considered "correction"? I'm looking to short XAU to 1810 level. am I wrong? are we perhaps going sideways to 1830 level? what do you think?
Attached Image (click to enlarge)
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p.s. I would use more technicials if I knew what they meant. :-)
(but the forexpros's indicators all say 'buy' so that doesn't help my case of falling XAU tomorrow very much, I guess.)

thank you for attention.
I'm a complete newbie here. please don't laugh. at least not very openly. thanks.
  • #8,936
  • Aug 18, 2011 5:27pm Aug 18, 2011 5:27pm
Quoting k3m
hi, I'm new here and in for trading.

I use SaxoTrader for trading, which I like because it allows me 200:1 margin so I can buy a ton more silver/gold than I can afford.
I've been into trading exactly since 14 April, when I lost $55k of my mother's life savings (~60%) in the silver plunge. I had absolutely no experience then (none whatsoever), didn't know about TA, clueless. (mostly, I still am, but I lurk and learn.)
I don't believe I can reach back the initial investment I started with by simply trading/holding GLD&etc, so I'm looking into...

You really can't be serious.......

If you don't know what you're doing, then don't do anything. There is always another trade to be done - you don't have to take this one.

Calm down, have a cup of tea and learn about the market before you put a penny to work......

Again you really can't be serious......

beeb
  • #8,937
  • Aug 18, 2011 5:45pm Aug 18, 2011 5:45pm
Quoting beeb
There is always another trade to be done - you don't have to take this one.
yeah, I learned that from a post in here somewhere. it's confirmed. and I don't intend to jump in without consultation, of course. but I really don't want to miss the boat. in these highly volatile up-down conditions some of the biggest fortunes are made, so I heard. and with each day that gold rises, I get less leverage on it (in units of bought commodity). I would like to cover my loss. mom's been pushing.

instead of scalping a weak uptrend (which without experience I am incapable of doing successfully), I would very much rather exploit these high jumps. that may not be smart, but it is reasonable, I think.
  • #8,938
  • Aug 18, 2011 6:39pm Aug 18, 2011 6:39pm
How could you jump and spend 55k (of your mother's!) without any experience?

I'm not laughing at you, no one will laugh at you here, we just want you to know that this business isn't a speculating game. You do have to have technical skills and money management skills to survive.

As of shorting on gold....any correction is a good opportunity to buy as XTrade has stated way too many times (you said you've been following this thread). and that 1810 was done on speculating that if gold hits new high it will make a sharp down correction, I believe?

Pls do check your daily charts and see how many times gold has its support became resistance the next day.....I'm not saying there won't be any correction, but sharp correction (100USD ish) will be a good opportunity to buy - much less risk than selling from the top.

To everyone: I haven't been posting much lately, just flew overseas for a whole month! LOL! I had one lot of gold I left open while away (bought at 1592!). oh my, I thought the swap would kill me but boy how insignificant it was!

38.2 Fibo retracement showing lower and lower number (sorry still no chart, on mac!). It was 1655 sometimes two weeks ago. Now it's 1624. It just shows that GOLD CAN GO DOWN BY 200 USD and still not a tiny bit of bullish trend is over.

Quoting k3m
hi, I'm new here and in for trading.
I use NetDania FinanceChart for technical analysis, because it's a free Java application and works on GNU/Linux.
I use SaxoTrader for trading, which I like because it allows me 200:1 margin so I can buy a ton more silver/gold than I can afford.
I've been into trading exactly since 14 April, when I lost $55k of my mother's life savings (~60%) in the silver plunge. I had absolutely...
trading is my zen
  • #8,939
  • Aug 18, 2011 7:25pm Aug 18, 2011 7:25pm
Quoting ShirleyLo
...we just want you to know that this business isn't a speculating game...
it isn't speculating? what is it then? definitive science? I think not. (though I admit beeb makes it seem so on occasions .)
Quoting ShirleyLo
and that 1810 was done on speculating that if gold hits new high it will make a sharp down correction, I believe?
no, no, much more simple than that. a short-term history-based pattern recognition, see attached.
Attached Image (click to enlarge)
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in either case, I don't think I intend to go in on this one. I guess you're right, I'll just wait for – and hope not to keep missing – an obvious trade. thanks!
  • #8,940
  • Aug 18, 2011 8:06pm Aug 18, 2011 8:06pm
Quoting hermanforex
Do any of you close youre longs on gold when its making a loss? or do you all only wait until you get hit on your take profits?
it depends. if the trend favors your position i just wait for it to take profit. if it doesn't i exit it with a loss. so far i have exited 1 small loss and had a lot of big profits since started observing and participating in this trend.

here are some of the things i learned from this trend
- trade in the direction of the trend
- the trend is up - look to buy
- keep you margins low, gold is very volatile

i suggest you start reading the links on the first page of this trend
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